The Gross Domestic Product of Albania marked a sharp decline, shrinking by 10.29 percent in the second quarter of the year, as a result of the COVID-19 pandemic. According to data released today by the Institute of Statistics, with the exception of Agriculture and the real estate sector, all other branches of the economy have registered strong declines.
Data on the performance of the Albanian economy in the second quarter of 2020, is not a special surprise, given that it is about the period during which almost every activity stopped as a result of austerity measures taken to prevent the pandemic COVID 19. Shrinkage at 10.29 percent, however, this is the strongest decline that has been recorded since 1997.
According to the Institute of Statistics the Trade, Transport, Accommodation, and Food Services, it was the group with the largest decline, at 26.35 percent. This is the group that contributed the most, with 4.11 percentage points, to the overall contraction of economic activity.